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Bitcoin Struggles to Rise but Holds Above $103,000
By: fxleaders|2025/05/16 04:30:06
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The cryptocurrency market is experiencing widespread losses this Thursday. Bitcoin ( BTC ) is down moderately, trading around $103,100 according to Binance , while Ethereum ( ETH ) slips 1.2% to $2,560. Despite the pullback, ETH has gained more than 23% over the past seven days. The broader crypto ecosystem is also in the red. All of the top 10 tokens are declining, led by Cardano ( ADA ), which is down 4.4%. A strengthening U.S. dollar—driven by recent tariff-related news—has acted as a natural drag on digital assets. This pressure is amplified by Bitcoin’s proximity to its all-time highs, prompting profit-taking after a rally that has lasted more than a month. Adding a positive note, Coinbase’s recent inclusion in the S&P 500 served as an additional catalyst for the crypto space. It’s the first company from the sector to join the prestigious index, reinforcing the industry’s institutional legitimacy. In terms of capital flows, CoinShares data shows $882 million in institutional inflows into crypto funds last week, marking the third consecutive week of strong demand. Bitcoin dominated with $867 million, while Ethereum—despite its recent strong performance—drew just $1.8 million. Since hitting April lows, Bitcoin has gained over 40% and confirmed a trend reversal by breaking above its 200-day moving average. A fresh test of the all-time high at $110,150 now seems imminent. If BTC breaks that resistance, an extended rally toward $130,000 cannot be ruled out.
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